The 'We're saving for a deposit' thread

nat21luv

Well done scumboss! That's a fantastic amount. Can I ask, how long did it take you to save and do you have anY advice?

the_salmon

My first post in here, had a whim before xmas that I was sick of renting and wanted to save up for a house for me to live in (I own a house from where I used to live and work but rent that out, I don't want to touch that as its my nest-egg).

So I quickly brought my cash together and by new year had £1k sat in my bank as a start point.

My plans for this year:
-PPI Claim going in
-Flight delay claim going in
-Downsizing my current living arrangements (moving from my nice 2 bedroomed flat back to a dreaded shared house with potentially £150-£200 a month saving)

I would be very happy if I ended the year with £7.5k

I would be even happier if I met the future Mrs Salmon and we could pool some money together for a place, but in the meantime I will do it by myself!!

rainbow90

the_salmon wrote: »

My first post in here, had a whim before xmas that I was sick of renting and wanted to save up for a house for me to live in (I own a house from where I used to live and work but rent that out, I don't want to touch that as its my nest-egg).

So I quickly brought my cash together and by new year had £1k sat in my bank as a start point.

My plans for this year:
-PPI Claim going in
-Flight delay claim going in
-Downsizing my current living arrangements (moving from my nice 2 bedroomed flat back to a dreaded shared house with potentially £150-£200 a month saving)

I would be very happy if I ended the year with £7.5k

I would be even happier if I met the future Mrs Salmon and we could pool some money together for a place, but in the meantime I will do it by myself!!

Sounds like you have a great plan may I ask regarding the flight delay claim - was this because you had to pay for hotel costs due to an overnight delay or just asking for compensation for inconvenience?

the_salmon

rainbow90 wrote: »

Sounds like you have a great plan may I ask regarding the flight delay claim - was this because you had to pay for hotel costs due to an overnight delay or just asking for compensation for inconvenience?

Thanks, I am also off the alcohol (12th day today) and although that won't continue, I will be drinking less and training more as I have entered myself in a marathon later this year and need to train!!!

I am claiming the compensation (or possibly just a refund) as I had 1 flight cancelled and one delayed 2 years ago, I need to double check the details but think both are eligible.

amn_2

Well I may as well join in on this thread as my wife and I are saving up to move at some point in 2014 (hopefully early 2014!).

We currently own a 2 bed terraced that I believe leaves us with a little bit of negative equity at the moment. It's difficult be sure as no houses on the estate have sold recently. On the plus side I believe we are due a refund from NRAM over their recently announced unsecured loan fiasco so this should reduce any negative equity we currently have.

We are looking for a 4/5 bed house to move to and start a family. The aim is for a 10% deposit of about 25k. Rather than saving for a cash deposit we are making overpayments on our mortgage as the interest rate is far higher than any interest rate we would get from a savings account. We will probably start saving cash towards the end of the year so we can offer a small exchange deposit and cover associated costs.

Fortunately we both have steady employment so we hope to make an overpayment of 1500-2000 a month this is on top of the regular payment we make which is already in excess of our minimum payment.

So good luck to everyone saving this year let's hope it goes well :T

NinaSwiss

MiddyMum wrote: »

What percentage deposit are most of you saving up for 10% 15% 20%?

x

Originally decided on 15%, but now aiming for 20%. Since I'm paying very cheap rent in a houseshare I thought I might aswell use the opportunity to save as much as I can instead of rushing into it. If all goes to plan I could end up with a mortgage(for a 3-bed house) that's the equivilent of renting a 1-bed flat in the same area.

This would be due to borrowing less and the lower interest rates that come with 80% LTV mortgages.

NinaSwiss

Added £100 I received for opening a First Direct account. Cant wait to acheive 70% towards my goal. Hopefully should be there end of march.

Welcome Salmon and Amn and goodluck on your saving journey!

^!£$&

Hey all, along time since I updated! My savings took a little hit due to retraining and going back to uni, but now I'm employed in my new profession and I aim to refocus on saving for a deposit xxx

lindsaygalaxy

Hello everyone. Please can I join.

We are saving for a deposit. As a discharged BR it makes things harder for us, but in another 18months it will be off my credit file at last (though still have to declare it). Youngest will also be at school instead of nursery so no more nursery fees! Only real debt we have is overpaid tax credits - which we seem to get every year!

We live in quite an expensive part of the county and a cheap 3 bed is around £200k! Have looked at 2 beds with potential to extend, but they don't come up often. OH works full time and I work part-time but with some overtime when grandparents can look after LO.

Total savings so far - £3500
Aim - £15000
= 23% (more than I thought)

Jaybo10

Hi all,

No saving at all for the last couple of months but we are firmly back on track for 2013.

MiddyMum I am aiming for 15%, 20% seems so far away and tbh we've waited so long to get to a position to buy that I don't think we can wait much longer!

Hello to all the new savers joining the thread! I've found this thread so addictive while we've saved.

I am already looking forward to updating my signature at the end of the month!